From Housing Alliance of Pennsylvania (http://www.housingalliancepa.org/):
Exciting news! The State Housing Tax Credit (SB 30) has passed out of the Senate Appropriations Committee. The bill will now move to the Senate floor.
Go to https://housingalliancepa.org/take-action/#/69 to tell your Senator that you support the State Housing Tax Credit.
The State Housing Tax Credit legislation, SB 30, enjoys bipartisan support, including the co-sponsorship from the leadership of the appropriations committee: Sen. Pat Browne (R-Lehigh), Chair of Appropriations, and Sen. Vincent Hughes (D-Montgomery and Philadelphia), Minority Chair of Appropriations.
A recent Economic Impact Brief published by the Housing Alliance shows that in Pennsylvania every $10 million invested in affordable housing construction will generate $19.6 million in total economic impact and support 110 jobs.
“Every dollar invested in housing results in nearly $20 dollars in economic impact, including jobs for the community,” said Sen. Tom Killion who introduced the legislation last fall. “These investments are important to the economic vitality of the Commonwealth and I urge my colleagues to continue to support the State Housing Tax credit to promote private investment in affordable housing.”
The State Housing Tax Credit legislation (SB 30) is modeled on the highly successful federal low-income housing tax credit (LIHTC) program. The LIHTC program is responsible for 90% of affordable rental construction and renovations in the country. In Pennsylvania, LIHTC is oversubscribed: for every three applications received, only one is funded. Combining the federal and state programs creates efficiencies by aligning these limited resources.
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